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Nifty Soars! Coforge Jumps 10%, PNB Profits Up, Market Hits Highs

Indian markets rally with IT and banking stocks leading the charge.

May 6
3 min read
Nifty Soars! Coforge Jumps 10%, PNB Profits Up, Market Hits Highs

Top Summary

  • What happened: Nifty shows gains with InterGlobe and Trent leading. Coforge shares jumped 10% after a strong Q4, and PNB profits increased by 14%. Kospi hit a record high.
  • Why it matters: Strong earnings reports and positive global cues are boosting investor confidence.
  • What changes for people: Potential gains for investors in specific sectors like IT and banking, plus opportunities in IRCON, BIOCON, and Ambuja Cement.
  • Who is affected: Investors, traders, and stakeholders in the Indian stock market, particularly those holding shares in Coforge, PNB, and the Nifty50 companies.

Nifty Top Gainers

The Nifty50 saw significant gains in early trading. InterGlobe led the pack with a price of ₹4,372.4, up ₹134. Trent followed closely, reaching ₹4,250 with a ₹114.61 increase.

Other top performers included:

  • Asian Paints: ₹2,473 (+₹43.00)
  • M&M: ₹3,266.6 (+₹55.8)
  • Cipla: ₹1,355.7 (+₹22)
  • Bharti Airtel: ₹1,833.7 (+₹27.61)
  • Shriram Finance: ₹978.15 (+₹13.75)
  • Tata Motors PV: ₹345.05 (+₹4.91)
  • SBI Life: ₹1,846.4 (+₹25.21)
  • Bajaj Finserv: ₹1,818.3 (+₹23.71)

Coforge Share Price Surge

Coforge shares rallied by 10% to ₹1,285. This surge follows a robust Q4FY26 performance. Net profit climbed by 134% year-on-year to ₹612.3 crore, from ₹261.2 crore.

Revenue from operations also saw healthy growth. It increased by 30% year-on-year to ₹4,450.4 crore. Sequentially, revenue grew by 5% from ₹4,231.5 crore.

Operating performance remained strong. EBITDA reached ₹9,168 million ($100.8 million), a 56.2% increase year-on-year. Margins improved to 20.6%, up 232 basis points from the previous quarter.

PNB Profit Increase and Dividend Announcement

Shares of Punjab National Bank (PNB) climbed nearly 4%. This followed the announcement of a 14% increase in net profit for the March quarter. Profit rose to ₹5,225 crore in Q4 FY26, up from ₹4,567 crore a year earlier.

The bank's net interest income (NII) saw a slight dip, falling nearly 4% to ₹10,380 crore. The gross non-performing asset (NPA) ratio declined to 2.95% in Q4 FY26 from 3.19%. The net NPA ratio eased to 0.29% from 0.32%.

PNB also declared a dividend of ₹3 per equity share. This amounts to 150% of the face value of ₹2 per share.

Market Outlook and Global Cues

Vikram Kasat, Head Advisory, PL Capital, shared his views on the market:

"With the Iran cease-fire still seemingly intact, oil prices retreated today, giving the market some room to run... Nifty 24032.80 6th consecutive day inside the same narrow range. Key Level to watch: 24,300"

 

Kasat suggests watching the 24,300 level on the Nifty. A close above this level could trigger a bullish trend. He recommends a trading buy on IRCON, BIOCON & Ambuja Cement.

Kospi Records Highs Amidst Global Optimism

South Korea’s Kospi surged nearly 7% to reach a new record high. This was driven by a strong jump in semiconductor stocks. Samsung Electronics climbed close to 13%.

Markets found support from reports of Iranian officials heading to China. This eased concerns and stabilized oil price volatility.

What to Watch Next

Investors should monitor global cues, especially developments related to the US-Iran situation and any updates on trade talks between the US and China. Keep an eye on Nifty's performance around the 24,300 mark and track the performance of recommended stocks like IRCON, BIOCON and Ambuja Cement.